Massoud Pezeshkian, President of the Islamic Republic of Iran, emphasized the importance of cooperation among member countries to reduce the vulnerability of energy markets and ensure the security of supply and demand at the eighth summit of the Gas Exporting Countries Forum held in Moscow.
Impact of Sanctions on the Global Energy Market
Pezeshkian, in his speech, identified unilateral sanctions and U.S. military interventions in the region as significant factors affecting the instability of energy markets. He stressed the necessity of effectively countering actions that threaten the stability of the global gas market and called for cooperation among countries to reduce the vulnerability of energy markets.
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The President also referred to the consequences of these developments on the production, transmission, and pricing of energy and emphasized the capacity of the Gas Exporting Countries Forum to develop multilateral diplomacy and exchange experiences.
Development of Joint Investments in the Gas Value Chain
Pezeshkian, continuing his speech, pointed to the development of joint investments in the natural gas value chain, the enhancement of technology, and increased productivity as priorities for cooperation among the members of the forum. He also emphasized Iran's readiness to expand cooperation with foreign investors and to participate more actively in upstream and downstream gas industry projects.
In another part of his speech, the President referred to the role of the Gas Exporting Countries Forum in solving global energy problems and stated that this forum can act as a symbol of multilateral gas diplomacy and a platform for dialogue and experience exchange among member countries.
Pezeshkian highlighted Iran's strategic position at the heart of the world's energy corridors and considered the existing capacities in Iran's gas industry for cooperation with member countries in the upstream and downstream sectors of natural gas and its trade to be very suitable. He stressed the importance of utilizing incentives and facilities provided in the oil, gas, and petrochemical sectors to attract foreign investors.
In conclusion, Pezeshkian emphasized that despite unilateral sanctions, Iran has managed to increase its natural gas production capacity to 300 billion cubic meters and called for constructive cooperation to enhance the security of supply and demand and fair valuation of natural gas in the global energy mix.
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